Collaboration is the key to fighting identity fraud – join Aspect and the GSMA at the Verify Innovation Day

Identity fraud in the UK was recently said by experts to be at record, “epidemic levels” with Cifas discovering that more than 89,000 cases were reported in the first six months of the year alone – a 5% rise year-on-year. The advent of internet banking – and more recently, mobile banking – has changed the fraud landscape forever, not least because most fraudulent incidences are overwhelmingly taking place via internet channels.

Statistics show that fraud follows the channels of adoption; while accurate figures today for fraud (particularly mobile) are hard to come by thanks to various factors (e.g. incidences going unreported by victims or banks), the rise in frequency of increasingly sophisticated fraud techniques demonstrates a criminal community that is getting harder and harder to prevent, identify and even prosecute. As the major technology players of this world roll out multi-factor authentication methods in order to block dishonest transactions, fraudsters continue to work hard to try and break them.

One example of a ‘newer’ type of fraud that we work with many different banks on to develop new methods of prevention and identification, is SIM Swap fraud. Social engineering has played a huge part in boosting fraudsters’ efforts to clean out unsuspecting customers’ bank accounts and is an essential component of frauds like SIM Swap. For this method of fraud to work, the criminal needs to convince the mobile network operator to replace the victim’s mobile SIM card in order to access sensitive information, such as one-time pass-codes for payment verification.

Our Aspect Verify trust platform is the result of years of development, market consultation with some of the biggest banks in the world, rigorous testing and successful real-life deployments up and down the country. What Aspect Verify does is finally offer banks and payment services providers an opportunity to fight fire with fire when it comes to fraud. If mobile banking is the present and future, so too is leveraging the benefits of the convenience and speed of the smartphone to validate a banking customer. Mobile data, generated by each and every cellular and Wi-Fi connected device in use, is free, public and almost invaluable to helping security leaders to strike that balance between consumer convenience and the required levels of security.

Aspect has long advocated the collaboration of banks and payment services providers with mobile network operators to fight fraud. No bank is at any less or any more risk of crime than another, and all banks have a profitable future when they put the customer first.

That’s why we’re hosting our Aspect Verify Innovation Days, a regular half-day event where you can learn how some of the country’s big banking institutions innovate to prevent fraud now and in the future.

The Innovation Day – Finance and Insurance, takes place on Wednesday 27th September 2017 in London, and will be held in conjunction with the GSMA. An exciting and valuable opportunity for all decision makers in banks, insurance companies and payment services providers to hear from impartial industry experts and big name banks.

Hear from the GSMA’s Mark Harvey about international initiatives to create a secure, global mobile ecosystem, enabling the sharing of data securely between Aspect, Enterprises and Operators. Aspect will also be welcoming customer representatives from Lloyds Banking Group and Citibank, who will be detailing their organisation’s own journeys in fighting increasingly sophisticated levels of mobile fraud, banking fraud and identity theft.

Please click here to register your attendance, and we look forward to welcoming you on the 27th.